Schneider Electric to acquire Summit Energy Services

Energy management specialist Schneider Electric has signed an agreement to acquire Summit Energy Services Inc., which provides outsourced energy procurement and sustainability services to industrial, commercial and institutional enterprises.

Summit Energy employs more than 350 people in 11 international offices across North America and Europe and serves client facilities in more than 90 countries. The company has been growing quickly and is, expected to generate sales of approximately $65 million for the current year.

The total purchase price for the company is $268 million (around € 190 million) on a debt-free, cash-free basis, subject to certain adjustments. The completion of the transaction is subject to regulatory approvals and customary closing conditions.

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